Elite Trade FX – Is It a Scam?

| Publish date: 03/22/2020 (Last updated: March 23, 2020 01:23 PM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Elite Trade FX - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Deposit
X

updated 2020

According to Elite Traders FX’s website, this broker offers its customers the following types of trading accounts:

  • Beginners: The minimum deposit requirement for starting a Beginners account is $100. Clients are offered a leverage of as much as 1:400, and the spread begins at 3 pips.
  • Positional: We do not know what the minimum deposit requirement is for this account type, but we do know that the broker offers its users a leverage ratio of up to 1:200, and a spread that starts from 2 pips.
  • Scalpers: Once again, we do not have any information about the deposit requirements, but the leverage ratio is 1:200, and the spread begins at 1 pip.

Professional: This account also has no information about the minimum deposit requirement, but the leverage level is at 1:100. The spread offered is at 1 pip, along with $8 per lot

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://elitetradefx.com/

Founded: 2019

Regulations: Unlicensed

Languages: English

Deposit Methods: Visa, Maestro, Local Deposit, Wire Transfer, Skrill, Neteller, WebMoney, Bitcoin, PerfectMoney

Minimum Deposit: $100

Free Demo Account: N/A

Number of Assets: N/A

Types of Assets: Forex and CFDs

Trading Accounts and Conditions

According to Elite Traders FX’s website, this broker offers its customers the following types of trading accounts:

  • Beginners: The minimum deposit requirement for starting a Beginners account is $100. Clients are offered a leverage of as much as 1:400, and the spread begins at 3 pips.
  • Positional: We do not know what the minimum deposit requirement is for this account type, but we do know that the broker offers its users a leverage ratio of up to 1:200, and a spread that starts from 2 pips.
  • Scalpers: Once again, we do not have any information about the deposit requirements, but the leverage ratio is 1:200, and the spread begins at 1 pip.
  • Professional: This account also has no information about the minimum deposit requirement, but the leverage level is at 1:100. The spread offered is at 1 pip, along with $8 per lot.

Elite Traders FX – Advantages

Here are the few advantages of trading with Elite Traders FX:

  • MT5 Trading Platform Offered

Elite Traders FX claims to offer its clients the MT5 trading platform, which is a big plus – if it’s true. We were not able to access the platform, so we cannot confirm that this broker actually does offer this software to its clients.

However, if the MT5 platform is available, then it’s a big win for this broker. This platform is the successor to the MT4 trading platform. So, along with all the features of the MT4 interface – customizable charting options, trading bots, market indicators, etc. – the MT5 platform also offers users the ability to trade in derivatives as well as ETFs from a single account.

  • High Leverage

Elite Traders FX offers a leverage level that can go as high as 1:500, which is high enough to satisfy even the most risk-friendly trader. However, once again, we have to add a rider here.

We were unable to access the broker’s trading platform, so we have not been able to verify whether these levels of leverage are accurate or not.

Elite Traders FX – Disadvantages

Here are some of the key reasons why you should not deal with Elite Traders FX, and why this broker may be scammer:

  • Lack of Corporate Information, No Regulation

The only thing we know about Elite Traders FX’s corporate background is that it has an alleged office in London. We decided to check the Financial Conduct Authority’s (FCA’s) online registry to see if this broker was registered with the UK’s financial watchdog.

Unsurprisingly, we found that this broker was not licensed to operate in the UK by the FCA. What this means for you as a trader is that your money is not safe with Elite Traders FX.

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

 

  • Contradictory Information about Trading Conditions

Elite Traders FX has given contradictory information about its trading conditions on its website. In one part of its website, this broker states that its minimum deposit requirement is $100. But in another section, the broker claims that the minimum deposit requirement is just $1.

Added to that, we don’t really know what the various minimum deposit requirements are for the different account types.

Furthermore, there is conflicting information about the leverage ratio offered by this broker. In one place, Elite Traders FX states that it offers a maximum leverage of 1:400, but in another, it says that it offers a maximum leverage of 1:500.

  • No Demo Account

While not as serious as the fact that this broker is virtually anonymous and its trading conditions are not very clear, this is an issue that needs to be highlighted. Elite Traders FX does not offer its clients a demo account.

What this means is that you cannot test the trading conditions without first putting down real money. This is not a practice that is followed by legitimate brokers, who make it a point to be completely transparent about their trading costs so that their clients know exactly what they are paying for.

  • No Terms and Conditions

There are no Terms and Conditions mentioned anywhere on Elite Traders FX’s website. This is massive red flag, since the Terms and Conditions (or Client Agreement) is a critical document that charts out the relationship between the broker and trader.

Without this document in place, you won’t really know what your rights are as a customer, or what the broker’s responsibilities are. This is a clear indication that this broker is a scammer and that it would be in your best interests to stay as far away from them as possible.

  • Registration Buttons Don’t Work

Another shocking thing about Elite Traders FX is that most of its log-in and registration buttons don’t work. What this means is that you cannot access the so-called MT5 platform, and you cannot even log-in to any account.

  • High Spreads

This broker offers its customers a spread of 3 pips, which is extremely high by industry standards. Such a spread is also very unfavorable for the trader, since it means that trading costs are extremely high.

  • No Information on Fees

Despite scanning the entire website, we were unable to get any information about the various fees charged by Elite Traders FX, which is yet another worrisome sign that this broker is not trustworthy.

Conclusion 

Elite Traders FX is not a broker that you should trust. All the information we have gathered about this broker clearly indicates that this is actually a scam operation and that you would be well-advised to invest your money with a more reliable, regulated and transparent broker.

Elite Traders FX

2.6

User Experience

3.5/10

Payment Options

2.4/10

Security

2.5/10

Support

2.2/10

Reputation

2.4/10

Pros

  • MT5 Trading Platform Offered
  • High Leverage

Cons

  • Lack of Corporate Information, No Regulation
  • Contradictory Information about Trading Conditions
  • No Demo Account
  • Registration Buttons Don’t Work
  • No Information on Fees

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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